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Sign in to searchRBI Integrated Ombudsman Scheme (RB-IOS), 2026
Context
The Reserve Bank of India (RBI) has implemented the revised RBI Integrated Ombudsman Scheme (RB-IOS), 2026 with effect from 1 July 2026, replacing the Integrated Ombudsman Scheme, 2021. The scheme aims to provide a simple, free, and time-bound mechanism for resolving customer grievances against regulated financial entities.
History
The RBI introduced separate Ombudsman Schemes for banks (1995), Non-Banking Financial Companies (2018), and digital payment systems (2019). These were integrated under the Integrated Ombudsman Scheme, 2021, adopting the principle of "One Nation, One Ombudsman." The 2026 revision further strengthens consumer protection in response to the rapid growth of digital banking and financial services.
Salient Points
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RBI Integrated Ombudsman Scheme 2026 provides free, time-bound grievance resolution for customers against banks, NBFCs, and payment systems with compensation up to ₹30 lakh.
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